Eu Financial News

European Union lawmakers have given final approval to the 27-nation bloc’s artificial intelligence law

Rashomon, the classic 1954 film by Japanese director Akiro Kurosawa, narrates four different perspectives of a crime. The Rashomon Effect aptly applies to varying accounts of the recently concluded 13th Ministerial Conference (MC-13) of the World Trade Organization (WTO), with much commentary in the Western media holding India as a spoiler even as Indian write-ups provided justification for the country’s positions. All this, while geopolitical shifts have resulted in strategic economic partnerships worldwide overshadowing the WTO.

Mint looks at the significance of free trade agreements for India going forward. Unlike a possible deal with the European Union (EU) or the US, India’s largest trading partners, the India-EFTA deal is unlikely to boost bilateral trade by much. In the January-December 2023 period, India’s exports to EFTA, which comprises Iceland, Norway, Liechtenstein and Switzerland, was just $1.87 billion.

NEW DELHI : On Tuesday, Apple announced “more flexibility" in terms of enabling app downloads from outside of its proprietary applications marketplace. While the move is selective to a filtered group of apps, and applicable only in the European Union (EU), industry stakeholders said that the move is of great significance, and will set a global precedent in anti-competition and digital markets regulations across the world—including in India.

It’s been a disappointing year for Apple (NASDAQ:AAPL) investors so far, with the stock down over 7% for the year-to-date, despite the slight pullback over the last few trading sessions. Apple stock hit a 2024 intraday low of $168.49 on Thursday last week before rising to above the $173 per share mark in yesterday’s session (Tuesday, March 12).

ClearToken intends to be fully regulated in the UK and has initiated the process of obtaining clearing house recognition from the Bank of England, with the intention of launching CCP services in 12-18 months. During 2024, ClearToken intends to launch preliminary settlement services, subject to the receipt of required approvals from the Financial Conduct Authority and Bank of England. Benjamin Santos-Stephens, CEO of ClearToken comments: “ClearToken has attracted inward investment from firms across the US, EU, and Asia.

Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured USD 54 million (Rs 450 crore) in a funding round from a bunch of investors. The investors who participated in the series B funding round of capital infusion include Singularity Ventures, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms, Lohum said in a statement. The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said. «The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre,» said Rajat Verma, Founder & CEO of Lohum.

European Union (EU) lawmakers have taken decisive action to bolster efforts to tackle sanctions violations, including those involving cryptocurrencies.

Russian President Vladimir Putin signed a law allowing firms in the country to use digital financial assets including the digital ruble in international payments on March 11.

Sweden’s Central Bank Governor, Erik Thedeen, warned against substantial Bitcoin integration into the nation’s financial system on March 12, citing its speculative nature and potential investor losses.

The European Union’s executive arm says it will recommend that member countries open accession negotiations with Bosnia-Herzegovina

Germany’s vice chancellor has launched a program initially worth up to 4 billion euros to help heavy industry shift to more climate-friendly production over a 15-year period

Worldcoin has been unsuccessful in obtaining an injunction against a temporary suspension imposed by Spain’s data protection authority, the AEPD. 

The Polish Financial Supervision Authority (KNF) received authoritative powers to tighten the crypto market, ahead of the EU’s MiCA rules. The Markets in Crypto Assets Regulation (MiCA) legislation, EU’s comprehensive crypto law, is set to take effect this year.

Europe is facing growing climate risks and is unprepared

By David Lawder

On Sunday, India signed the India-EFTA Trade and Economic Partnership Agreement, our first trade deal with any Western nation or group. It was signed with the European Free Trade Association (EFTA), which comprises Iceland, Liechtenstein, Norway and Switzerland. It’s an innovative and well-balanced pact that covers two-way trade in goods and services as well as bilateral investments.

In a letter to The Times, Sharon Bowles, Ros Altmann, Bryn Davies and John Baron argued that UK investment companies have been facing a «deepening crisis» over the last two years. They said investment trusts have been «shunned» by investors and platforms because of EU regulation, as they remains on the UK statute book, despite not applying to any listed investment companies in Europe. FCA sets out temporary measures to address investment trust cost disclosure concerns «Under UK interpretation, investors are told that management charges are an additional cost, which is misleading,» ...

Microsoft software breached EU privacy rules and the bloc's executive also failed to implement adequate safeguards for personal data transferred to non-EU countries, the EU privacy watchdog said on Monday. The European Data Protection Supervisor (EDPS) ordered the Commission to take measures to comply with privacy rules and to halt data transfer to the U.S. company and subsidiaries located in third countries which do not have privacy deals with the EU, setting a deadline of Dec. 9 for both orders.

By Emma Pinedo and Elizabeth Howcroft

Hungary's new immigration law which was planned to begin on March 1 introduces stricter conditions to existing regulations for third-country nationals (TCNs). The new regulation outlines 24 types, including 8 for the purpose of employment. The residence permit for other purposes, which was a rather flexible category, has been abolished. The previous immigration law in Hungary specified 18 types of residence permits. One of the biggest changes is that the new law introduces separate categories of work permits for highly-skilled workers and low-skilled guest workers, and a new permit for investors.